Last month, British Steel workers were invited to a roadshow on the Financial Conduct Authority’s (FCA’s) pension redress scheme. But, for many of those affected by British Steel pension mis-selling, the invite arrived after the event was held. Others received their invitations just days before the roadshow took place, leaving it too late to request time off work or arrange childcare. A formal complaint has been made to the FCA.
A spokesperson for the FCA said that the letters had simply been an “additional way of contacting steelworkers”, and that it had used Facebook and its “email subscriber list to let steelworkers know about the event in December.”
Nevertheless, this is not the first time the FCA has been accused of failing in its attempts to help those workers affected by British Steel pension mis-selling. In 2022, a House of Commons public accounts committee said that the FCA “failed” to protect British Steel Pension Scheme (BSPS) members from “unscrupulous financial advisers”. And that, despite being aware of the risks, the “FCA failed to take preventive action” to prevent pension mis-selling.
At KP Law, we believe that the FCA is failing to ensure that those affected by British Steel Pension Scheme mis-selling are compensated in full. As such, we call on the regulator to create an effective, comprehensive, and just redress scheme that fully compensates all those impacted.
Make a British Steel mis-selling claim with KP Law
In 2017, many workers were advised to swap their secure “final salary” British Steel pensions into SIPPS, QROPS, and other types of personal pensions. But while the BSPS provided a generous pay-out on retirement and kept pace with inflation, the new pensions often did not deliver comparable remunerations. This left many steelworkers significantly worse off on retirement.
In most cases, the affected steelworkers suffered losses of around £82,000, but for some workers, this rose to £489,000. Almost 8,000 people could be affected by this scandal, with around £2.8 billion transferred from British Steel’s pension scheme.
At KP Law, we believe that those affected by British Steel pension mis-selling could be owed many thousands of pounds. And, because we understand the toll this scandal has already had on affected steelworkers, we make the process of claiming straightforward. It is free to sign up and only takes a few minutes. We also act on a strict no-win, no-fee basis, so, our clients do not pay us unless we win.
If you believe that you were involved in the British Steel pension scandal, contact us to find out more about what this involves. If you are not sure if you have a claim, we can find this out for you.
